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RIL, Rainbow Children’s Medicare, HCL Tech, Asian Paints, PVR, Adani Ports stocks in focus

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Indian equity markets are likely to open lower on Tuesday amid weak global cues. SGX Nifty was in red and Nifty futures were trading 145 points, or 0.89% lower at 16,146.50 on the Singapore Exchange, signaling that Dalal Street was headed for a gap-down start.

Indian equity markets are likely to open lower on Tuesday amid weak global cues. SGX Nifty was in red and Nifty futures were trading 145 points, or 0.89% lower at 16,146.50 on the Singapore Exchange, signaling that Dalal Street was headed for a gap-down start. In the previous session, benchmark indices ended in red with BSE Sensex closing at 54,470.67, down 364.91 points, and NSE Nifty 50 shutting shop at 16,301.90, down 0.67%. “Both external and internal factors are in the works for sometime, which is putting pressure on the markets to come out of the weak sentiment. The larger texture of the market is still negative but if Nifty sustains above 16200, a pullback formation is likely to continue up to 16450-16550 levels,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

Stocks in focus on 10 May 2022, Tuesday

Reliance Industries: Reliance Brands Ltd (RBL), the brand licensing arm of Reliance Industries (RIL), on May 9 announced it has entered into a “long-term franchise agreement” with Italian luxury icon Tod’s S.p.A to retail the brand in India. “With this long-term franchise agreement, RBL has become the official retailer of the brand across all categories including footwear, handbags and accessories in the Indian market,” according to a press release. Tod’s has been operational in India since 2008 with mono brand stores in DLF Emporio, New Delhi and Palladium, Mumbai and multibrand ecommerce platform Ajio Luxe.

Rainbow Children’s Medicare: Rainbow Children’s Medicare will list on bourses today. The grey market ahead of listing is hinting towards a muted start for the stock. Shares of pediatric and gynaecology hospital chain are exchanging hands at a discount of Rs 10 per equity share in the unofficial market, compared to its issue price of Rs 542 apiece. The Rs 1,580.85 crore IPO was open for subscription between April 27-29. The company sold its shares in the range of Rs 516-542 apiece with a lot size of 27 equity shares. The issue got a mixed response as it was overall subscribed 12.4 times.

HCL Technologies: HCL Technologies announced it will acquire Bengaluru-based Quest Informatics (Quest), an aftermarket, Industry 4.0 and IoT company, in an all-cash deal worth Rs 15 crore. “Quest will help expand HCL Technologies’ Industry 4.0 offerings into the fast-growing aftermarket space. Quest’s suite of aftermarket solutions and products will be valuable to transportation and manufacturing clients globally in their digital transformation journey,” said Sukamal Banerjee, Corporate Vice President, Industry Software Division and IoT WoRK, HCL Technologies.

Adani Ports: Adani Ports and Special Economic Zone Ltd (APSEZ) on Monday moved the Bombay High Court challenging the disqualification of its bid in connection with a tender issued by state-run Jawaharlal Nehru Port Authority (JNPA) for upgradation of the latter’s container terminal in Navi Mumbai. A vacation bench of Justices AK Menon and NR Borkar sought a reply from the Board of Trustees of JNPA and posted the matter for hearing on Friday (May 13). The private company was disqualified by JNPA from a tender process to privatise the state-run port authority’s container handling facility on May 3.

JSW Group: Indian metals-to-cement conglomerate JSW Group will make a $7 billion bid for Holcim AG’s Indian subsidiaries Ambuja Cements Ltd and ACC Ltd, the Financial Times reported. The company will offer $4.5 billion in its own equity and $2.5 billion from undisclosed private equity partners for the bid, JSW Group Chairman Sajjan Jindal told the newspaper, adding that it will acquire 63% stake in Ambuja Cements.

PVR: PVR on Monday reported narrowing of its consolidated net loss to Rs 105.49 crore for the fourth quarter ended in March 2022. The company had posted a net loss of Rs 289.21 crore in the January-March quarter a year ago. Its revenue from operations rose by nearly three-fold to Rs 537.14 crore during the quarter under review. India’s largest multiplex chain plans to open 125 new screens across India in the current financial year as it kickstarts an ambitious growth plan after the covid-19 disruption. Last fiscal, the company had opened 29 new screens across five properties.

Q4 Results today: Asian Paints, Cipla, Vodafone Idea, Gujarat Gas, Ajanta Pharma, Cera Sanitaryware, Chalet Hotels, Chemplast Sanmar, Dishman Carbogen Amcis, Elantas Beck India, Electrosteel Castings, Kansai Nerolac Paints, Max Financial Services, Mahanagar Gas, MRF, Polycab India, Neuland Laboratories, Orient Electric, Reliance Capital, R Systems International, Shemaroo Entertainment, Tajgvk Hotels & Resorts, TD Power Systems, Torrent Power, Venky’s (India), and Welspun India will release quarterly earnings on May 10.

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